Sellers continue to govern CABLE with last week producing the 6th weekly decline in succession – tracking the lower end of a declining Keltner channel. But last week was dominated by Thursday’s price action – initial gains rejected near the key 13 day moving average then followed by the most aggressive fall of the month. The lows, posted Friday, were not held as some profit taking, from oversold extremes, was attracted but allowing for a temporary stronger bounce there remains potential to…Continue
Wednesday’s bearish Inverted Hammer pattern was…Continue
Today's powerful move higher has taken USDCAD to the most positive levels since Q2 2009 and also recovered more than 76% of the fall from that year's peak.
Although some profit taking will be attracted as the dust on today's news settles, longer term investors will remain bullish of this currency pair targeting 1.2470 or even 1.2601 in the coming weeks.…Continue
Monday’s minor net gains were overturned yesterday. But the resulting downside was still muted – keeping prices near the bottom of a negative Keltner channel but without threatening Friday’s bullish Hammer pattern. This price action does not supply strong signals for sentiment but, despite Asian gains, 3cA studies are left negative for this morning with potential through 1.1561 to 1.1540 or even towards 1.1493. The risk is above 1.1642.…Continue